2012年，在邓小平南巡20周年这个追昔抚今又展望未来的历史节点，中国房地产行业也正在进入更深层次的发展阶段——不再是刀耕火种的粗放式成长，也不是千篇一律的爆发性膨胀，优秀房企的发展路径和标准日趋多元化，整个行业呈现出一种百家争鸣、多元扩散的良性竞争形态。

In 2012,，In deng xiaoping NaXun 20 anniversary this ZhuiXiFuJin and looking forward to the future history node，China's real estate industry is also into the deeper development stage, is no longer slash-and-burn extensive growth，Also not waking explosive expansion，Excellent room enterprises development path and standard with each passing day diversity，The industry presents a kind of schools of thought contend、Multiple diffusion benign competition form。

　　在易居中国近日发布的《2012中国房地产分析预判及行业思考》总结出了房企的6种活法，其中将李嘉诚的长江实业总结为“港式活法”，其特点是在内地深耕城市，依靠核心项目长期开发，获得土地增值。

In the easy recently released in China《2012 China real estate analysis anticipation and industry thinking》Summed up the room to six ways，One of which will be of the li ka shing cheung kong summed up as“To play it the hong kong-style dim sum”，Its characteristic is in the mainland subsoil city，Rely on the core project long-term development，Obtain land value increment。

　　行业分析人士认为，以优质资产驱动，不过分追求规模和速度，精耕细作追求单位土地产出的最大化，以品牌、设计、服务等去谋得长期的溢价，这种“港式活法”已经被香港的长江实业、和记黄埔、新鸿基、恒基兆业等实践和证明过，目前在国内则以合生创展最为典型。

Industry analysts say，By the high quality assets drive，Not too the pursuit of size and speed，Intensive cultivation the pursuit of the maximization of land output unit，With the brand、design、Services to get long-term premium，this“To play it the hong kong-style dim sum”Has been Hong Kong cheung kong、Hutchison whampoa、Sun hung kai、Constant radical zhaoye etc practice and prove a，At present in China is the most typical hopson。

　　正如世联地产(002285,股吧)董事长陈劲松此前所指出的，进入房地产行业下半场后，低附加值模式将面临巨大压力，资产周期性波动导致对资产收益、变现、管理服务的专业性要求将越来越高，中国房地产市场的二元化导致中高端市场盈利空间更大。而合生创展这条以优质资产驱动，强调匀速缓行、高附加值、精细化操作、优质运营、资源集成整合的市场化道路，与房地产下半场的这种趋势恰恰完美契合。

As the world union real estate(002285,guba)The chairman ChenJinSong previously noted，Enter the real estate industry after the second half，Low value-added model will face great pressure，Assets cyclical fluctuation lead to asset income、realizable、Management the professionalism of the service requirements will more and more high，China's real estate market dualization lead to the medium and high-end market profit space more big。And hopson this article by the high quality assets drive，Emphasize uniform amble、High added value、Fine operation、Quality operation、The integration of resources integrated market road，And real estate in the second half of this trend on the perfect fit。

　　20年的发展历程，每个企业都在探索着能够可持续发展、树百年基业的长久之路，追求爆发却最终溃败者有之，历经坎坷却终成正果者亦有之，如今能够中流击水者，都堪称这个行业的佼佼豪杰。对于未来20年而言，在“超级增长”逝去的日子里，房企追求的不再是快速的冲刺和层出的奇迹，而是在多元标准下持之不懈、稳健安全的“长跑冠军”。

20 years of development history，Each enterprise are all exploring the sustainable development ability、No tree one hundred years long road，The pursuit of outbreak is in the final failure of those，Through bumpy but end to accomplish anything person also have the，Now who can venturing midstream means，Was this industry outstanding hero。For the next 20 years concerned，in“Super growth”The fading day，Room to pursue is no longer rapid sprint and proliferous miracle，But in multiple standard of the unremitting、secure“Long-distance running champion”。

　　

回归与转型 Regression and transformation

　　时光如梭，在20年黄金时期的快速腾飞之后，沸腾的行业逐渐理性和冷静下来，频繁波动的周期和波澜诡谲的国内外经济环境，让众多“弱冠之年”的房企开始总结过去经验教训、深思行业标准和自身模式，开启了“回归行业本质”之旅。

Time is like a boat，In 20 years in the golden age of the fast after takeoff，Boiling industry gradually rational and calm down，Frequent fluctuation cycle and with sophisticated economic environment at home and abroad，Let many“Coming of age at 20 years”Room enterprises began to sum up the past experience and lessons、Deep industry standard and their own mode，opened“Regression industry essence”trip。

　　“未来对于房地产企业来说，如何更快地回归到产品、回归到资产、回归到服务的优异价值创造，是其所要面对的很现实的重要课题。”北京大学房地产研究所所长陈国强表示。

“The future of real estate enterprise for it，How to quickly return to the product、Return to the assets、Regression to the service excellent value creation，Is the face is an important subject of reality。”Beijing university real estate institute director Chen guoqiang said。

　　“任何模式都有致命弱项，所谓的标杆发展模式都靠不住，因为它需要适时而变。”地产分析者指出，尤其是在尚未成熟的中国房地产生态环境下，只有一战成名的项目，没有一蹴而就的地产发展模式，因此需要不断创新和转型。

“Any mode has fatal weaknesses，The so-called pole development mode is unreliable，Because it requires timely and variable。”Real estate analyst pointed out，Especially in has not yet mature China real estate ecological environment，Only the world famous projects，Not accomplish in one move of real estate development model，Therefore need to continuous innovation and transformation。

　　合生创展即是一例，作为在2004年就成为行业内首个销售破百亿的房企，公司并未盲目追求规模和销售增长，而是转向深耕核心城市土地价值、精耕细作运营优质资产这一发展路径，并保持适度规模的增长。

Hopson is a case，As in 2004, it has been the first in the industry sales break yuan room enterprises，The company did not blind pursuit of scale and sales growth，But to subsoil core city land value、Intensive agriculture operation quality assets this development path，And keep the growth of moderate scale。

　　在20年的成长历程中，从早期的精品项目，到后来的大盘运作，再到转型高端项目精细化操作，直至如今的以优质资产驱动，业务横跨住宅、商业地产、写字楼、产业地产、金融投资等多元化的版图，合生创展始终在转型，在寻找最适合时代特色又兼顾未来的发展模式。

In the 20 years' development process，From the early fine project，To later the market operation，To the advanced project of the transformation of the fine operation，Until now by the high quality assets drive，Business across the house、Commercial real estate、office、Industrial real estate、Financial investment and diversified territory，Hopson always in the transformation，In the search for the most appropriate age characteristics of give attention to two or morethings and future development mode。

　　如今，“转型”已经成为整个房地产行业的主流，这其中就蕴含着对过去粗放式增长的否定和对自身创新能力的回归。但是转型的方向究竟在哪里？在行业走上平均利润率、竞争日趋白热化的未来，摆渡向成功彼岸的诺亚方舟又在何方？

now，“transformation”The whole real estate industry has become the mainstream，This among them contains extensive growth in the past negative and own innovation ability regression。But the direction of the transformation on earth in where？In the industry to average profit margin、The future of the fierce competition，Ferry to the success of the other shore where Noah's ark and？

　　经过20年的发展，整个行业已经形成了几种主流的商业模式。以万科、恒大地产、保利地产(600048,股吧)等为代表的规模化发展模式，讲求的是以快速周转、薄利多销取胜，去最大限度、最快速度地吸收全国范围住宅需求产生的商机；而另一种则是所谓的“点石成金”，即以香港企业和内地的合生为代表的香港模式。

After 20 years of development，The industry has formed several mainstream business model。With vanke、Evergrande real estate、Poly real estate(600048,guba)As representative of the scale of development mode，The stress with rapid turnover、Small profits and quick turnover to win，To maximum limit、The fastest speed to absorb nationwide housing demand produces business opportunities；And another is the so-called“The Midas touch”，That is in Hong Kong and the mainland enterprises the connation, as a representative of the Hong Kong model。

　　贝塔咨询中心合伙人杜丽虹指出，对于房企的评判，既要看重现在的时点，也要兼顾未来的可能性，这才是一个比较理性的视角。这意味着，快速增长的企业由于资源和市场的限制不可能无限制地快速增长下去，而精耕细作的企业在平衡财务、资源和管控的基础上也能够实现持续稳健的增长。

Beta consultation center partner DuLiHong pointed out，For room judgement of enterprises，Both now at the value，Also need to take into account the possibility of future，This is a relatively rational perspective。This means that，The fast growth the enterprise because of the limitation of resources and market could not unrestrainedly rapid growth down，And intensive cultivation of enterprises in the financial balance、On the basis of resources and control can achieve sustained steady growth。

　　何况，大有大的隐忧，快有快的弊病。国际企业的先例屡屡显示，不断快速增长的大型企业一定会遭遇到瓶颈，届时“恐龙病”、“墨菲定律”将不可避免地迎面袭来，甚至导致一些百年基业一招崩溃，柯达、宝丽来、雷曼都是前车之鉴。

How much more，A big worry，Fast have fast malady。International enterprise precedent repeatedly display，Continuously rapid growth of large enterprises will encounter bottlenecks，the“Dinosaur disease”、“Murphy's law”Will inevitably hit head-on，Even result in some one hundred inheritance a recruit collapse，kodak、polaroid、Lehman is the lessons drawn from others' mistakes。

　　“我们可以看一下香港的房地产企业，如李嘉诚的长和系、英资背景的太古地产等，它们历经了几十年甚至上百年的风风雨雨，绝不刻意追求快速爆发式的增长，而是根深蒂固地秉承稳健、谨慎的思路，谋求每一单元的利润最大化。”合生创展人士认为，这就是长跑者的取胜优势。

“We can look at the Hong Kong real estate enterprise，Such as li ka-shing's long and system、YingZi background swire real estate and so on，They went through several decades or even hundreds of years of ups，Never deliberately seeking quick explosive growth，But confirmedly adhering to the robust、Careful thought，Looking for each unit's profit maximization。”Hopson people think，This is of advantage to win long-distance runner。

　

　优质资产驱动下的长跑 High quality assets drive of the long distance running

　　无论是万科、恒大，还是合生、星河湾，规模和速度或许不再是行业评判的重要标准，谁能在这所谓的“长跑”中稳健地奔跑下去，才是真正的行业大赢家。

Whether vanke、evergrande，Or connation、Star river bend，The scale and speed may no longer is the important industry evaluation standard，Who can in this so-called“run”The steady running of it，Is the real industry big winners。

　　和很多深入到三四线城市大面积拿地的企业不同，合生的项目集中于三大核心经济圈，其中在北京、上海、广州分别拥有13、12和18个开发项目，土地储备合计约1800万平方米。

And a lot of deep into the three or four line city with large area of different enterprises，Accrete project focused YuSanDa core economic circle，Among them in Beijing、Shanghai、Guangzhou has 13 respectively、12 and 18 development project，Land reserve total about 18 million square meters。

　　除此之外，天津和惠州也是合生深度聚焦的两个潜力巨大的城市，分别拥有5个开发项目，土地储备575万和660万平方米。此外，合生还在杭州、宁波、大连、太仓、慈溪、北戴河等活力二三线城市拥有开发项目。

In addition，Tianjin and huizhou and accrete depth focus two potential huge city，Each with five development project，Land reserve 575 and 6.6 million square meters。In addition，Accrete is still in hangzhou、ningbo、dalian、taicang、cixi、Beidaihe, etc vitality two three line city possesses development project。

　　在这些地区经济迅速发展和优质土地日益稀缺的情况下，合生创展得以更深层次挖掘这些优质资产价值，并悉心打造具有强配套力和高附加值的高品质楼盘，从而为自身、股东、投资者和客户提供最优异的回报，并在行业内享有着备受推崇的标杆地位。

In these areas rapid economic development and high quality land increasingly scarce cases，Hopson to deeper mining these high quality assets value，And carefully build strong supporting force and high added value of high quality building，So as to their own、shareholders、Investors and customers with the most superior returns，And in the industry enjoyed a respected in the pole position。

　　以合生霄云路8号为例，作为燕莎使馆区唯一一幅低密度住宅用地，合生创展已经将其打造的国内高端楼盘的典范之作。在进入销售2年后，项目单价最高达到了12万元/平方米，接近翻番，并且受到了市场的热烈追捧。

To accrete clouds cloud road no. 8, for example，As Lufthansa embassy district only a picture of low density housing land，Hopson has its make domestic high-end building a masterpiece。Two years later in the sales，Project unit price highest achieved 120000 yuan/square meters，Close to double，By the market and the great demand。

　　这一点在财报上也得以体现，由于2011年以合生霄云路8号为代表的高端楼盘的交付，公司结算毛利率同比上升6.3个百分点，达到45.9%。这一数据的提升显然得益于其优质资产驱动战略的成功实施。

This also is able to reflect on the earnings，Due to the 2011 with symphysis clouds cloud road no. 8, as a representative of high-end building dish delivery，The company settlement gross profit rate up 6.3%，Up to 45.9%。The data of ascension apparently thanks to its high quality assets drive successful implementation of the strategy。

　　而且，合生去年的合约销售平均售价仅较2010年微降4%，至每平方米人民币15110元。尽管在严厉调控下销售面临巨大挑战，但合生创展并未如其他企业一样以大幅降价来换销量，而是更注重以提升产品附加值和服务来吸引客户，保证楼盘的品质和市场口碑。

and，Accrete last year's contract sales average selling price is only 2010 edge down 4%，To every square metre 15110 yuan。Despite the strict control the sale is facing tremendous challenges，But hopson were not as other enterprises in the same slashed prices for sales，But pay more attention to in order to enhance product added value and services to attract customers，Ensure the quality of the buildings and the market reputation。

　　“未来，行业和金融周期波动会很频繁，房企的财务安全、驾驭周期的能力至关重要，尽管爆发性的增长时代不再，但细水长流也能有不断成长的空间。”杜丽虹指出。

“The future，Industry and the financial cycle fluctuation will be very frequent，Room to financial security、The ability of control cycle is very important，Although explosive growth age no longer，But the maintenance can also have growing space。”DuLiHong pointed out that。

　　当然，精耕细作并不意味着规模的停滞不前。合生创展一直保持着稳步的土地储备和销售规模增长，2011年年报显示，合生创展在全国拥有3191万平方米的土地储备，在房企同行中属于佼佼者；而从2011年下半年开始公司也展开14城33盘联动推售，其中新盘占据了30%以上，这意味着今明两年集团将进入新一轮的销售增长期。

Of course，Intensive agriculture does not mean that the size of the stalled。Hopson kept steady land reserves and sales scale growth，2011 annual report shows，Hopson across the country with 31.91 million square meters of land reserve，In the room to counterparts in belongs to the outstanding person；From the second half of 2011 began to company also started 14 city 33 disc linkage sell，The XinPan accounted for more than 30%，This means that in the next two years group will enter a new round of sales growth。

　　上述行业人士认为，未来20年，运营能力对于资产价值的意义将前所未有体现出来。

The industry people think，The next 20 years，The operation capacity for assets value significance will be reflected an unprecedented。

　　尤其对于如合生创展这样一直保持适度规模、稳健财务并依靠优质资产驱动的企业而言，其长远选择正符合这一趋势。在核心城市高端住宅贡献利润、二三线城市短平快产品贡献现金流的基础上，合生创展也已经广泛涉足商业地产、产业地产和金融投资。

Especially for such as hopson such has been maintained at an appropriate scale、Robust financial and rely on high quality assets driven businesses，Its long-term choice is in line with the trend。In the core city of high-end residential profit contribution、Two or three line city short term rapid product contribution on the basis of cash flow，Hopson also has been widely involved in commercial real estate、Industrial real estate and financial investment。

　　尤其在商业地产部分，合生创展逐步投资建设的物业体量估计会达到300万平方米左右，并希望能够在未来一段时间对现金流有10%~20%的贡献度。从2011年年报来看，物业投资收入同比增加19.4%至4.90亿港元，而酒店营运收入也增至1.99亿港元，涨幅为10.9%，这在一定程度上显示了合生创展发力商业地产已经卓有成效。

Especially in commercial real estate part，Hopson gradually investment construction property dimension estimation will reach 3 million square metre，And hope to be able to in the future period of time to cash flow has 10% ~ 20% contribution。From 2011 annual report to see，Property investment income increased 19.4% year-on-year to hk $490 million，And the hotel operating income has soared to hk $199 million，A 10.9% increase，This, to a certain extent, shows the hopson hair force commercial real estate has been fruitful。

　　“这些领域的价值取决于后期和长期，是与住宅截然不同的价值投资理念，届时，拥有出色运营能力的房企将会脱颖而出，开拓更广泛的增长空间，从而持久性地赢得未来。”陈劲松表示。

“The value of these areas depends on late and long-term，Is different with the house value investment idea，the，Have good ability of operation room enterprises will stand out，Develop a wide range of growth space，Thus persistent to win the future。”ChenJinSong said。